Part IV International Business Law, XXVIII International Accounting Standards

Subject(s):

International investment law — International monetary law — International trade — Standards of treatment

This chapter shows how international accounting standards are regulated. These standards play a crucial role for any internationally operating public company, and are the basis for international annual accounts and other financial statements. On a global level, the standards of the International Accounting Standards Board (IASB) enjoy broad recognition. The IASB, a private and independent organization, was set up in 2001 by organizations which represent accounting professions. The IASB has adopted the International Financial Reporting Standards (IFRS), which replace the International Accounting Standards (IAS) established by its predecessor body. The International Financial Reporting Interpretations Committee (IFRIC) adopts clarifying interpretations of the IFRS.